These financial statement items are for Emjay Company at year-end, July 31, 2014.

Salaries and wages payable $ 2,080 Notes payable (long-term) $ 1,800 Salaries and wages expense 50,700 Cash 14,200 Utilities expense 22,600 Accounts receivable 9,180 Equipment 30,000 Accumulated depreciation—equip. 6,000 Accounts payable 4,100 Dividends 3,000 Service revenue 62,000 Depreciation expense 2,500 Rent revenue 8,500 Retained earnings (beginning Common stock 25,000 of the year) 22,700 Instructions

(a) Prepare an income statement and a retained earnings statement for the year.

(b) Prepare a classified balance sheet at July 31.